Running a Company? See How Zohonomics Can Help You Make a Difference
Great companies don’t focus on boosting revenue and increasing market share. Instead, they focus on nurturing their people. The monetary gains eventually follow. If you’re under the impression that the benefits of bringing up the human element are uncertain, the success of Zohonomics can change your perception.
Smart Hustle founder Ramon Ray interviewed Praval Singh, who is working as VP of Marketing & Customer Experience at Zoho. They talked about Zohonomics and how Zoho has been making profits and helping people for the last 25 years.
What Is Zohonomics?
Zohonomics was coined by Zoho – an Indian multinational software company that offers software development, cloud computing, and web-based business tools.
In practice, Zohonomics is a growth strategy having the human element at its core. It focuses on humanity and works towards developing the human element more than the monetary one. Also referred to as spiritual economics, Zohonomics emphasizes investing in your talent to nurture them, especially in local communities.
One can find talent everywhere, but opportunities are not everywhere. And many times, a few good job offers require academic degrees from reputed colleges. Zohonomics makes it possible for candidates not having college degrees to start their career at Zoho through its training programs.
The idea is providing opportunity to those who may not have access and in return having employees that grow with your company long term and actively participating in community life to that deeper connection.
Zohonomics enables companies to adopt a culture of caring for people, which eventually helps companies serve their customers well.
Customers benefit by choosing a company that is focused on its people on products rather than ROI. That means they can form better connections with the people of the company and make sure all their needs are met.
Praval explains there are three key aspects of Zohonomics/spiritual economics, which include:
How Your Business Can Benefit from Zohonomics?
Zohonomics is all about finding, caring and nurturing talents. And doing so goes a long way. Angela Ahrendts, who served as a Senior Vice President at Apple, rightly pointed out,
Everyone talks about building a relationship with your customer. I think you build one with your employees first.
When you build a caring relationship with your employees, you can reap multiple benefits. Harvard Business Review reports that positive work cultures are more productive.
Here are some key benefits of Zohonomics your company can leverage:
- Building career development programs for the underprivileged
- Setting a positive work culture
- Decreasing absenteeism
- Building high morale of employees
- Increasing productivity
Zohonomics will also allow you to attract the top talents for your business because your happy employees will work as brand advocates for your business. Additionally, it will decrease the attrition rate in your company because employees stick around if companies care for them.
What’s more, implementing it in your company means you will be nurturing talents from your local community. So you will be working towards the upliftment of your local community.
If you want to know more about Zohonomics and how your company can grow by implementing it, check the full interview below.